- This topic has 5 replies, 1 voice, and was last updated 9 years, 10 months ago by Anonymous.
- February 13, 2010 at 3:27 pm #200185AnonymousInactive
I went to a Toyota Dealership last week, and after they pulled my credit they said the best option for me to be approved by Toyota Financial would to lease a new Corolla. I suppose I agree, my credit is not great my FICO is 628, and this will give me the chance to improve my credit. I was told I would also need a cosigner. I brought my boyfriend in with me on Friday to complete the application and we were told that we would most likely be approved. His FICO score is 732, he works full time making good money, has a student loan always paid on time and 2 credit cards always kept below 20% of the balance and paid on time. I have a trade in that they are considering my first months payment (it will go straight to auction, there is no profit for them to be made) and we signed a paper regarding the car were applying for and told we would have an answer on Monday as we were there late Friday night. The salesman told me to look for insurance over the weekend and congratulated us on our new car.
I guess my question is after everything that we have heard thus far, is there a chance we may be still be denied? I should mention I have virtually no bills besides a cell phone and student loans totaled less than 150 every month, and just started a new full time job. My current car is a money pit that I bought outright for 3000 and have put more than 2500 in for repairs and still needs more work, so I’m sure you can understand my need for a good car!
Please do not answer if your going to be rude and judge me on my credit history, I’m just looking for answers by people who have a similar experience
The salesman had told me leasing would be my best bet of being approved because the finance would be for a lower amount compared to a loan. I’d love to be able to just have a loan and own it at the end, but that doesn’t seem to be an option. My credit is not very good. 3 years of leasing with the options at the end being a) turn it in for a new lease or loan b) buy it outright for 9000 or c) get a loan to cover the 9000 don’t seem to be all so bad. Maintenance is included and I have a great rate for insurance. I’ve had my current car for less than a year and 2500 in repairs is just too much, not to mention it still needs more work. I understand the pros and cons of leasing, I’m only just wondering if I might not be approved.
- April 30, 2011 at 3:12 am #416656AnonymousInactive
If she is not on the original mortgage and the forclosure is not going to affect her credit why not – you got the 1st mortgage without her right? She will need to have adequete credit score, ample income to sustain the new mortgage without listing you or your income though so you will need to make sure that is covered otherwise there is no reason for her not to.
- April 30, 2011 at 3:12 am #416657AnonymousInactive
My question is why in the world would you let your house go into foreclosure if you have enough money to put 20% down on a new home. That makes no sense at all. Apparently you understand the ramification of the foreclosure on you credit. Si this makes even less sense.
But, to answer your question: your wife can apply for a loan without you, but she has to qualify. The bank is not going to loan her money without knowing she will be able to repay the loan.
Am i missing something? This whole question really makes no sense to me.
- April 30, 2011 at 3:12 am #416658AnonymousInactive
IF you can afford a 20% downpayment on a new house, you can afford to prevent forclosure on the one you live in right now.
You’ll go into foreclosure if you quit making payments. Take that 20% you’ve saved and put it towards your mortgage payments! And then refinance the house you’re in.
Your wife MAY be able to qualify for a home loan in her name only, but it’s not likely, if she is married and between her and her husband, they allowed foreclosure on a prior home.
- April 30, 2011 at 3:12 am #416659AnonymousInactive
without you on teh loan – your wife would have to have enough income of her own to qualify for the mortgage – you won;t be able to include your income on the affordability calculation, so unless your wife makes $ 70-90,000 a year herself, I don;t see her being able to qualify for a $ 225k mortgage
- April 30, 2011 at 3:12 am #416660AnonymousInactive
Although is she is not on the loan but is on the title then the home is also in her name and the foreclosure will also affect her credit as she is listed as an owner
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